- 西班牙的房地产黄金签证途径于 2025 年 4 月 3 日结束，取消了欧盟一项主要的房地产移民途径，并结束了 2014 年至 2023 年间发放的 22,430 个黄金签证。
- 希腊在 2023 年将房产最低限额提高到 500,000 万欧元；葡萄牙在 2023 年取消了直接房地产资格；马耳他在 2025 年提高了房产最低限额和费用。
- 预计欧盟投资者居留途径将面临更高的资本要求、更长的筹备时间和更严格的尽职调查。
- 律师事务所应重新评估现有业务渠道，转向非房地产选项（资金、商业/就业创造），并重新调整与开发商的合作关系和客户沟通方式。
- 考虑通过稳定、以价值为导向的替代方案来分散客户的计划，包括亚美尼亚的居留权、投资和税务规划。
西班牙基于房产的黄金签证政策的终止，关闭了欧盟最受欢迎的房地产移民渠道之一。随着希腊、葡萄牙和马耳他收紧规则或提高价格，以房产为基础的移民策略面临结构性调整——投资者必须转向非房产选项，才能获得欧盟或其他投资居留权。
目录
西班牙终止房产黄金签证计划（自4月3日起生效）
西班牙政府宣布自2025年4月3日起终止通过房地产投资获得居留权的计划，结束了此前通过购买价值50万欧元的房产获得居留权的途径。在2014年至2023年期间，西班牙共发放了22,430份黄金签证，凸显了该计划在关闭前的规模。
规模及其影响对象
据西班牙媒体报道，房地产投资途径的需求持续旺盛，主要集中在高需求城市市场，并吸引了大量非欧盟投资者参与，其中包括中国和俄罗斯公民等。因此，此次关闭关闭了房地产投资移民欧盟的主要途径，并压缩了计划以房地产为导向的移民策略的购房者的选择。
欧盟收紧管制：希腊、葡萄牙和马耳他提高入境门槛、调整路线并增加费用
希腊
希腊于 2023 年 8 月将房地产黄金签证的最低门槛提高到 50 万欧元，实际上使重点地区的最低门槛从之前的 25 万欧元翻了一番，使得以房产为主要依据的资格成本大幅增加。
葡萄牙和马耳他提高门槛
葡萄牙2023年的改革取消了黄金签证的直接房地产投资选项，引导申请人选择其他途径，例如认购基金，并收紧了商业/创造就业岗位的标准。具体而言，第56/2023号法律于2023年10月7日生效，取消了房地产投资选项，并将相关途径的就业岗位维持门槛从5个提高到10个。
马耳他提高了永久居留权的成本：从 2025 年 1 月起，最低房产购买要求为 375,000 欧元，主要申请费为 50,000 欧元，提高了以房产为抵押的申请的总资本支出。
更改路线并提高费用
在欧盟范围内，投资者获得居留权的途径正从被动的房产购买转向具有更明确经济影响的工具——例如私募股权/风险投资基金、企业创建和就业支持——与此同时，相关费用和最低要求也在不断提高。葡萄牙的法律明确调整了资格认定标准，不再以房地产作为主要依据；马耳他则通过提高门槛和费用，增加了与房产相关的投资途径的成本。
欧盟投资者路径概览（2025-2026 年）
| 管辖权 | 基于房产的资格 | 最低/备注 | 生效日期/来源 |
|---|---|---|---|
| 西班牙 | 已结束（房产路线已关闭） | 价值500,000万欧元的航线停运 | 3年四月2025日 |
| 希腊 | 可用，更高门槛 | 指定区域内500,000万欧元 | 2023年XNUMX月 |
| 葡萄牙 | 淘汰 | 房地产不符合条件；资金/商业途径仍然有效；就业维持目标提高至10个。 | 2023年XNUMX月 |
| 马耳他 | 有售，价格更高 | 房产最低价格 375,000 欧元；主要费用 50,000 欧元 | 一月2025年 |
政府采取行动的原因：住房压力、社会成本和疲软的宏观经济回报
住房压力
西班牙将终止“黄金签证”房产计划纳入其住房政策议程，表明在住房负担能力面临压力的情况下，保障民众获得住房的途径是其优先事项。欧盟其他地区的改革也体现了类似的考量，这些国家的政策制定者认为，以房产为导向的投资型居留模式对长期住房供应和生产力贡献甚微，反而加剧了当地市场的紧张局势。
社会成本和疲弱的宏观经济回报
独立分析表明，黄金签证项目带来的国家层面收益有限——西班牙的收益不到GDP的0.1%，葡萄牙约为0.4%——这削弱了此类项目在经济上的意义，因为它们可能引发社会和政治上的强烈反对。这种宏观形势，加上住房负担能力方面的担忧，促使政策转向更加精准、与绩效挂钩的投资标准，而非房地产投资。
直接市场影响：渠道损失
西班牙取消房产投资途径，加上希腊提高门槛、葡萄牙取消房产投资途径以及马耳他提高价格和费用，使得欧盟以房产投资为主要投资手段的居留途径更加狭窄。对于企业和投资者而言，这意味着通过剩余途径，他们需要更高的资本金、更多的文件以及更长的尽职调查周期。
律师事务所和投资者行动清单
- 管道分类： 确定那些欧盟计划依赖于西班牙房产途径的客户，并根据更新的假设评估希腊（更高的最低限额）、葡萄牙（资金/就业保障）或马耳他（成本更高）的可行性。
- 转向非房地产选项： 优先考虑受监管基金认购、企业创建或就业支持途径（如适用），并符合最近的立法意图。
- 重新调整开发者合作关系： 重新评估与房地产驱动型移民相关的收益分成和营销；转向机构产品提供商和就业创造工具。
- 修改客户端消息： 设定更高的审核标准和更长的审核周期；强调合规韧性和投资组合多元化。
- 实现地理多元化： 为满足流动性、资产保护和生活方式需求，应考虑非欧盟国家的替代方案。亚美尼亚为居留权、战略投资、简便的商业注册、具有竞争力的税收和房地产投资提供了极具吸引力的途径。
2026 年规划的实用转折点
- 增加资本预算： 希腊的投资额需达到 500 万欧元以上，葡萄牙的投资额需达到最低限额，马耳他的投资额需提高。
- 轮班文档工作流程： 加强反洗钱/了解你的客户 (AML/KYC) 和资金来源审查，以适应欧盟投资者居住地日益严格的尽职调查。
- 扩大出行规划范围： 将欧盟路线与替代居住地或第二住所地相结合，例如亚美尼亚，可供投资者居住和进入该地区。
亚美尼亚的地位
尽管欧盟投资者居留政策日趋收紧，但亚美尼亚凭借其灵活的居留许可、入籍途径、简便的公司注册流程以及多元化的投资和税务筹划方案，仍然是建立区域基地的成本效益之选。对于那些因欧盟房产投资成本过高而无法移民的客户而言，亚美尼亚可以作为其稳健的非房产投资策略的补充，与欧盟投资组合方案相辅相成。
结语
西班牙黄金签证房地产投资途径的关闭标志着欧盟房地产移民格局的结构性转变。随着门槛提高、途径转向非房地产投资以及费用增加，2026年投资者居留计划应优先考虑资金、商业和创造就业机会等工具，并辅以亚美尼亚等其他成本效益高的替代选择。
如需根据新规和您的出行目标制定个性化方案，请联系我们的团队。
获得专家指导常见问题解答
一目了然
- Spain’s property-based Golden Visa ended 3 April 2025 via Organic Law 1/2025, closing all investor-residence routes under Law 14/2013. Existing holders retain renewal rights. Over the programme’s run, 22,430 Golden Visas were issued between 2014 and 2023.
- Greece moved to zone-based thresholds: EUR 800,000 in Attica, Thessaloniki, and popular islands; EUR 400,000 elsewhere; niche options from EUR 250,000 for qualifying conversions.
- Portugal’s fund-subscription routes remain active at EUR 500,000 (venture capital/PE and R&D) and EUR 250,000 (cultural heritage). The citizenship pathway was extended from 5 to 10 years.
- Malta’s permanent-residence costs rose in January 2025 (EUR 375,000 property minimum, EUR 80,000 government fees). Its citizenship-by-investment programme was struck down by the EU Court of Justice in April 2025.
- Hungary and Cyprus offer active investor-residence programmes from EUR 250,000 and EUR 300,000 respectively.
- Armenia remains a cost-effective base with flexible 居留证， 快速地 商业登记, 和竞争力 税率.
The end of Spain’s property-based Golden Visa closes one of the EU’s most popular real-estate migration channels. With Greece restructuring thresholds, Portugal redirecting to fund-based routes, and Malta raising costs, property-anchored strategies face a structural reset. Investors and advisors must shift toward non-property instruments to secure EU residence — or consider cost-effective alternatives outside the bloc.
内容
Spain Ends Its Property Golden Visa (Effective 3 April 2025)
Spain terminated all investor-residence routes under Law 14/2013 through Organic Law 1/2025, published in the Official State Gazette (BOE) on 3 January 2025 and effective from 3 April 2025. The EUR 500,000 property purchase pathway — along with shares, bonds, and bank deposit routes — is no longer available for new applicants.
Over the 2014–2023 period, Spain issued 22,430 Golden Visas according to the Ministry of Inclusion, Social Security and Migration, underscoring the programme’s scale before the closure. The property route drew sustained demand concentrated in high-demand urban markets, with significant participation from non-EU investors.
过渡条款
Applications submitted before 3 April 2025 are processed under the original rules. Existing Golden Visa holders retain their right to renew — the repeal is not retroactive. The three-month transition window from publication to effective date gave investors time to finalize pending applications.
Post-repeal, Spain still offers non-investor residence routes: the entrepreneur/startup visa for innovative business projects and the digital nomad visa for non-EU remote workers.
EU Tightening: Greece, Portugal, Malta and Beyond
Across the EU, investor-residence pathways are shifting away from passive property purchases toward instruments with clearer economic impact — private equity and venture funds, business creation, and job support — while minimum investments and fees continue to rise.
Greece — zone-based thresholds replace flat minimum
Greece initially raised its Golden Visa minimum from EUR 250,000 to EUR 500,000 in select municipalities in August 2023. Subsequent reforms in 2024 and 2026 introduced a zone-based system under Law 5038/2023 (as amended by Law 5100/2024):
- 第二级别 (Attica, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 residents): EUR 800,000 minimum, single property, at least 120 square metres.
- 第二级别 (rest of Greece): EUR 400,000 minimum, single property, at least 120 square metres.
- 利基类别: EUR 250,000 for commercial-to-residential conversions and listed building restorations (exempt from the 120 square metre requirement).
Portugal — fund and job-creation routes replace real estate
Law 56/2023 (“Mais Habitação”) removed direct real-estate eligibility from Portugal’s Golden Visa effective 7 October 2023. The remaining investment routes include:
- Venture capital / private equity fund subscription: EUR 500,000 (CMVM-regulated, 5+ year maturity, 60% Portugal allocation, no real-estate exposure)
- R&D institution investment：欧元500,000
- Cultural and arts heritage: EUR 250,000 (EUR 200,000 in low-density areas)
- 企业创建: job-sustainment threshold raised to 10 full-time positions (8 in low-density areas)
Portugal also extended its citizenship pathway from 5 to 10 years for most Golden Visa holders — affecting the timeline to naturalisation but not residency rights or investment requirements.
Malta — higher costs and CBI struck down
Effective January 2025, Malta’s Permanent Residence Programme (MPRP) requires:
- Property purchase minimum: EUR 375,000 (5-year holding period)
- Government fees (purchase route): EUR 80,000 total (EUR 50,000 administrative + EUR 30,000 government contribution)
- Government fees (rental route): EUR 110,000 total
- NGO donation: EUR 2,000
- Asset requirement: EUR 500,000 total, of which EUR 150,000 must be financial
Separately, the EU Court of Justice struck down Malta’s citizenship-by-investment (CBI) scheme in April 2025, finding that the commercialisation of EU citizenship breached treaty obligations. Malta’s residency programme remains available.
Hungary, Cyprus and other active programmes
Beyond the four main markets, other EU investor-residence programmes remain active in 2026:
- 匈牙利 (Guest Investor Programme): EUR 250,000 invested in a government-accredited real-estate investment fund (registered with the Hungarian National Bank) or a EUR 1,000,000 non-refundable donation to a public trust. Direct property purchase was removed in January 2025. The permit is renewable for 10 years.
- 塞浦路斯: EUR 300,000 in new residential property, commercial real estate, Cypriot company shares, or licensed investment funds, plus EUR 50,000 in annual income from abroad. Grants permanent residency.
- 意大利 (Investor Visa): EUR 250,000 for innovative startups, EUR 500,000 for Italian company shares, EUR 1,000,000 for philanthropic purposes, or EUR 2,000,000 for government bonds.
EU investor-route snapshot (2025–2026)
| 管辖权 | 财产路线 | Minimum / notes | 状态 |
|---|---|---|---|
| 西班牙 | 截止 | All investor routes closed (property, shares, bonds, deposits) | 3年四月2025日 |
| 希腊 | Available (tiered) | EUR 800,000 (Tier 1) / EUR 400,000 (Tier 2) / EUR 250,000 (niche); 120 m² min | 2024-2026年改革 |
| 葡萄牙 | 淘汰 | Fund routes: EUR 500,000 (VC/PE, R&D); EUR 250,000 (cultural). Jobs: 10 positions | 2023年XNUMX月 |
| 马耳他 | Available (MPRP) | EUR 375,000 property; EUR 80,000 govt fees (purchase); CBI struck down Apr 2025 | 一月2025年 |
| 匈牙利 | Removed (Jan 2025) | EUR 250,000 (govt fund) or EUR 1,000,000 (donation). 10-year renewable | 2025-2026 |
| 塞浦路斯 | 可提供 | EUR 300,000 + EUR 50,000/yr foreign income. Permanent residency | 有效 |
| 意大利 | No (investor visa) | EUR 250,000 (startup) to EUR 2,000,000 (govt bonds) | 有效 |
Why Governments Moved: Housing Pressures and Weak Returns
Spain framed the termination within its housing policy agenda, signalling a priority to protect affordability amid sustained price increases in cities such as Madrid, Barcelona, and Málaga. Similar concerns drove reforms in Greece, Portugal, and Malta, where policymakers concluded that property-led investor residence inflated local markets without contributing meaningfully to long-term productivity or housing supply.
Macroeconomic assessments support this view. Portugal’s Golden Visa programme generated approximately EUR 7.3 billion in gross investment, with its actual impact on national GDP estimated at around 0.4%. For Spain, some analyses suggest the figure may have been below 0.1% of GDP, although no official government or central bank report has confirmed a specific percentage. These modest returns, combined with housing affordability pressures, sharpened the shift toward performance-linked investment criteria across the bloc.
直接的市场影响
The removal of Spain’s property route, combined with Greece’s sharply higher tiered thresholds, Portugal’s elimination of real estate, and Malta’s cost increases, compresses the EU pipeline for property-anchored investor residence. For investors and advisors, this means higher capital requirements, more complex documentation, longer due-diligence cycles, and a structural shift toward fund-based and job-creation instruments across remaining routes.
律师事务所和投资者行动清单
- 管道分类： Identify clients whose EU plans depended on Spain’s property route and reassess viability under Greece’s tiered system (EUR 800,000 or EUR 400,000), Portugal’s fund routes (EUR 500,000), or Malta’s MPRP (EUR 375,000+).
- 转向非房地产选项： Prioritise regulated fund subscriptions, business creation, or job-support pathways that align with current legislative intent across the EU.
- 重新调整开发者合作关系： Reassess revenue-sharing tied to property-led migration and shift toward institutional product providers and job-creation vehicles.
- 修改客户端消息： Set expectations for higher costs, longer timelines, and portfolio diversification across multiple jurisdictions.
- 实现地理多元化： Include non-EU alternatives for mobility, asset protection, and lifestyle objectives. Armenia offers pathways for 居住, 业务组建， 竞争的 税收筹划和 房地产.
2026 年规划的实用转折点
- Model higher capital budgets: EUR 800,000 for Greece Tier 1, EUR 500,000 for Portugal funds, EUR 375,000+ for Malta, or EUR 250,000 for Hungary’s fund route.
- Strengthen documentation workflows: Enhanced AML/KYC and source-of-funds packages are now standard across EU investor-residence applications.
- 扩大出行规划范围： Combine EU routes with alternative residency bases. Armenia provides cost-effective 居留证， 快速地 公司组建, and a regional hub for clients managing cross-border interests.
亚美尼亚的地位
While EU investor residence is tightening and costs are rising, Armenia remains a cost-effective option for establishing a regional base. Key advantages include:
- 灵活性 居留证 with a straightforward application process
- Residence-by-investment pathways for qualifying investors
- 快速 商业登记 — typically 1–3 business days for most structures
- 竞争 税率, including a flat 20% personal income tax for residents
- 一条清晰的道路 国籍 through sustained residency
- 成长 房地产 opportunities in a developing market
For clients priced out of EU property-led migration or seeking to diversify their residency portfolio, Armenia can anchor a resilient, non-property strategy alongside EU fund or business-creation options.
The Spain Golden Visa closure marks a structural turn in EU property-based migration. With thresholds rising, routes redirecting to fund and job-creation instruments, and fees increasing, investor-residence planning for 2026 requires a broader and more flexible approach — supplemented by cost-effective alternative bases such as Armenia.
For a tailored plan aligned with the new rules and your mobility goals, contact our team.
